...See the student website for additional recommended learning activities that may help you learn this week's concepts. Title Type Due Points Week 2 Participation Participate in the class discussion. Individual WileyPLUS Assignment: Week 2 Assignment Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS: • Problem 8-3A • Brief Exercise 9-11 • DO IT! 9-5 • Exercise 9-7 • Exercise 9-8 • BYP 9-1 • BYP 9.2 • Problem 9-2A Individual WileyPLUS Assignment: Week 2 Orion Activity Resource: WileyPLUS Complete the following Week 2 Assignment in WileyPLUS. From the Read, Study, Practice screen, click on the ORION: Personalized Practice link in the left corner of the page. • Chapter 8: Orion Proficiency report • Chapter 9: Orion Proficiency report Note. Proficiency reports will be repeated each week to check for progress. Individual Week 2 QuickBooks® Online Access QuickBooks® Online Create a 2 Year Comparative Income Statement (also called a Profit and Loss Statement in QuickBooks® Online) • Select "Reports" from the menu along the left-hand side. • Select "Accountant Reports" on the right hand side of the reports screen. • Select Profit and Loss from the lower left hand side of the Accountant Reports screen. • Run the report for Jan 1, 2013-December 31, 2013. • Select the customize button in the top left corner. • Select the previous year in the bottom left hand...
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...Memo to CEO of Riordan Manufacturing XACC/291 November 15, 2014 Professor Doug Kildsig TO: Riordan Manufacturing CEO FROM: DATE: 11/15/2014 SUBJECT: Financial Analysis A detailed financial analysis has been performed on the balance sheet and income statement of Riordan Manufacturing. The purpose of this memo is to explain the results of the analysis and provide an overview of the company’s current financial position. Financial Ratios Financial ratios are essential for analyzing the liquidity and profitability of the company. Based on the 2010 income statement and balance sheet for Riordan Manufacturing the following ratios have been calculated. First, the liquidity ratios tell the proportion of liquid assets to as they relate to current liabilities. These ratios are important because they can show how vulnerable a company is to bankruptcy or insolvency. Next, the profitability ratios show us the level of performance from an operational standpoint. These ratios can be used to find weaknesses and strengths in operational policies at Riordan Manufacturing. Last, the solvency ratios are used to compare the company’s debt to assets. Creditors can determine if a company is a suitable candidate for a loan by using this ratio. |Liquidity Ratios |Solution | ...
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...Per Chapter 11 (assigned reading for Week 3), summarize in one page Microsoft Word all types of stocks that are issued by corporations and their definitions. Common Stock Authorized Stock Capital Stock Par and No Par Value Stocks Treasury Stock Outstanding Stock Preferred Stock GLOSSARY Authorized stock The amount of stock that a corporation is authorized to sell as indicated in its charter. (p. 514). By-laws The internal rules and procedures for conducting the affairs of a corporation. (p. 512). Cash dividend A pro rata distribution of cash to stockholders. (p. 526). Charter A document that creates a corporation. (p. 512). Corporation A business organized as a legal entity separate and distinct from its owners under state corporation law. (p. 508). Cumulative dividend A feature of preferred stock entitling the stockholder to receive current and unpaid prior-year dividends before common stockholders receive any dividends. (p. 525). Declaration date The date the board of directors formally declares the dividend and announces it to stockholders. (p. 526). Deficit A debit balance in retained earnings. (p. 534). Dividend A distribution by a corporation to its stockholders on a pro rata (proportional) basis. (p. 525). Liquidating dividend A dividend declared out of paid-in capital. (p. 526). No-par-value stock Capital stock that has not been assigned a value in the corporate charter. (p. 515). Organization costs Costs incurred in the formation of a ...
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...E13-8 E13-8 Here are comparative balance sheets for Taguchi Company. TAGUCHI COMPANY Comparative Balance Sheets December 31 TAGUCHI COMPANY Comparative Balance Sheets December 31 Assets Cash Accounts Reveibable Inventories Land Equipment Accumulated depreciation Total $ $ $ $ $ $ $ 2011 73,000.00 85,000.00 170,000.00 75,000.00 260,000.00 (66,000.00) 597,000.00 Liabilities and Stockholders’ Equity Accounts payable $ 39,000.00 Bonds payable $ 150,000.00 Common Stock ($1 par) $ 21,600.00 Retained Earnings $ 192,000.00 Total $ 597,000.00 Additional information: 1. Net income for 2011 was $103,000. 2. Cash dividends of $45,000 were declared and paid. 3. Bonds payable amounting to $50,000 were redeemed for cash $50,000. 4. Common stock was issued for $42,000 cash. 5. No equipment was sold during 2011, but land was sold at cost. InstructionsPrepare a statement of cash flows for 2011 using the indirect method Answers Taguchi Company Cash flows from operating activities Net income Depreciation expense Decrease in inventory Decrease in accounts payable Increase in accounts receivable Net cash provided by operating Activity Cash flows: investing Sale of land Purchase of equipment Net cash used by investing activity Cash flows: financing Issuance of common stock Payment of cash dividends Redemption of bonds Net cash used by financing activity Net increase in cash Cash at beginning of period Cash at end of period E13-8 HI COMPANY e Balance Sheets ember 31 $ $ $ $...
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...Effect of Unethical Behavior Article Analysis Terra Postelle ACC/291 January 08, 2013 Bennie Clark Effect of Unethical Behavior Article Analysis The effects of the Sarbanes-Oxley Act of 2002 on financial statements are general guidelines as to how the information is gathered, calculated and presented to clients while enforcing their accuracy and legitimacy. Companies such as Enron, Tyco, Global Crossing, and WorldCom are just a few examples of corrupt business cultures, practices, and greed that made the need for new laws to arise in order to prevent future business taking the same direction. These companies and companies like them manipulated, lied, embezzled, and sometimes flat out stole from their clients plummeted into financial hardship and in some cases the economy as well. There will always be companies such as, The Brooke Corporation, who will purposefully manipulate financial data or find new loop holes through the SOX guidelines and laws to make a bigger profit. Corporations and businesses such as these do not look at the ethics behind their decisions, but their business’s financial well-being and their own pockets. In the article, Eight Years After The Fact Is SOX Working? A Look At Brooke Corporation, Brooke Corporation would sell insurance and related services through franchises. When an “Agent” would purchase a franchise Brooke Corporation would allow the use of their business model, registered trade name, access to the products of insurance company suppliers...
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...Direct and Indirect Cash Flows Jayla West ACC291 February 21, 2016 Debra Peterson Direct and Indirect Cash Flows The direct method for creating a cash flow statement reports major classes of gross cash receipts and payments. Under IAS 7, dividends received may be reported under operating activities or under investing activities. If taxes paid are directly linked to operating activities, they are reported under operating activities; if the taxes are directly linked to investing activities or financing activities, they are reported under investing or financing activities. Generally Accepted Accounting Principles (GAAP) vary from International Financial Reporting Standards in that under GAAP rules, dividends received from a company's investing activities is reported as an "operating activity," not an "investing activity." The indirect method uses net-income as a starting point, makes adjustments for all transactions for non-cash items, then adjusts from all cash-based transactions. An increase in an asset account is subtracted from net income, and an increase in a liability account is added back to net income. This method converts accrual-basis net income (or loss) into cash flow by using a series of additions and deductions. The indirect method uses readily available information and most companies find it easier to employ. Management and shareholders might fret if a company consistently reports net income exceeding cash flows -- they will want...
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...ACC291 Effect of Unethical Behavior Article Analysis Ethics has long been a word that has several different meanings to different people. With most it means what “should” be done in various situations. It does not necessarily mean that it is illegal not to do what it considered ethical. Throughout history people have tried to justify the things they have done to make it seem as they had the best interest of those around them at heart. Unethical behavior can be exhibited in many areas of our lives such as in our communities, churches, and especially in our businesses in the accounting office. Life is an ever-pressuring force that sometimes will contribute to unethical behaviors in the accounting field. Sometimes those that exhibit unethical behavior in accounting will do so in an effort to keep their jobs. They may feel that if they don’t conform and get the numbers that their supervisor wants they can be replaced. Others may do it for personal gain; it is possible that they will get kickbacks if the company does well. This can be done if they overstate the value of the company’s assets and/or underreporting the liabilities. This behavior can make a company look more profitable than it really is and can cause millions of people to invest and ultimately lose their investments based on a fudged report. In the accounting field there are many unethical practices that can lead to hardship in the life of many. Many of these practices were brought out of the shadow when Enron...
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...Effects of Unethical Behavior ACC291 Effects of Unethical Behavior Accounting is used as a kind of language to communicate and report information about the financial position of an organization in a way that is understood by its intended users. The information reported is vital to investors and creditors of that organization as it gives them an insight of the business. This information is used as a determining factor in the decisions they will make regarding investing or extending credit in a particular organization. As a result of this, it is not uncommon to encounter individuals and organizations that utilize unethical behaviors and practices to make the books look more appealing to outsiders. Corporate scandals can be very public affairs that cost companies not only money but their reputation in the public eye. The pubic often question the reason why some individuals are willing to run their companies honestly and others turn to unethical and illegal activities. The causes of unethical practices in business are diverse and complex. There are different situations that could lead to unethical practices. Some executives and managers get themselves involved in things like misusing company funds, bribery, misleading financial analysis, exaggerating revenues, or purposely providing incorrect information. Two well known examples of unethical practices are the Enron and WorlsdCom scandals. Both companies were involved in fraudulent and unethical accounting reporting...
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